The Bengaluru-headquartered startup, which provides loans against gold as collateral, said it will use the proceeds from the latest funding round to further invest in technology and to acquire customers.
KB Investments, Tanglin Ventures, Sequoia India and Accel Partners have also participated in the funding rounds, the company said in a statement.
Rupeek is now valued at $300 million, after the closure of the rounds, news agency Bloomberg said, citing sources. The company, however, did not provide details on its valuation.
“For India’s middle-class households, gold has long been a favourite way to save and invest. Rather than letting it sit idle, Rupeek has turned a family’s dormant asset into an easy way to get a loan at affordable rates to grow their small business or pay for emergency needs,” Hans Tung, managing partner at GGV Capital, said in the official statement.
Founded in 2015 by IIT Powai alum Sumit Maniyar, Rupeek is present in 10 cities, including Mumbai, New Delhi, Jaipur, Chennai and Ahmedabad. It claims to serve more than 2,000 locations currently.
The company has partnered banks such as ICICI Bank, Karur Vysya Bank and Federal Bank to provide loans where customers can get their gold valued at home and receive the loan amount directly into their bank accounts.
“I am really excited about how Rupeek is opening up access to formal credit for a large base of users. Their strong customer proposition and approach of partnering with banks is truly a game-changer for the unorganised gold loans space in India,” Binny Bansal, co-founder of Flipkart, said.
Rupeek was reported to have raised $30 million in August last year, in a round led by Bertelsmann, with early investors Accel Partners and Sequoia Capital also participating.